Ola Electric Mobility Limited has filed with the exchange monitoring agency report for the quarter ended June 30, 2025
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Ola Electric has filed the ICRA Monitoring Agency Report tracking use of its Rs. 5,500 crore net IPO proceeds raised in August 2024. As of June 30, 2025, the company has utilized Rs. 2,900.6 crore (about 52.7%), with Rs. 2,599.4 crore still unutilized and parked largely in bank fixed deposits earning 5–8% interest. Key objects completed or on track include full repayment of OET subsidiary debt (Rs. 800 crore), strong use of general corporate purposes (Rs. 1,126.5 crore of Rs. 1,297.4 crore), and healthy spend on R&D (Rs. 455.5 crore) and organic growth (Rs. 299.3 crore). However, zero has been spent on the flagship Rs. 1,227.6 crore capex for expanding OCT's cell manufacturing plant from 5GWh to 6.4GWh, which was supposed to see Rs. 859 crore deployed by FY25 but is now delayed by around 3 months to FY26 due to Phase 1A commissioning issues and Phase 1B technology evaluation. No deviation from the stated objects of the issue was reported.
Investors should note that the core cell plant expansion — central to Ola's electric vehicle and battery ambitions — has not seen any spending yet, raising concerns about execution timelines. On the positive side, debt has been cleared and idle funds are earning reasonable returns through fixed deposits, but the slow deployment of IPO money may draw questions from shareholders about project readiness and capital efficiency.